[author: Lai Lam]

The House and Senate convene today at noon and 3 p.m., respectively.

House

Votes. Lawmakers will take up a series of homeland security and natural resources bills under suspension of the rules — see the complete list here. The following financial services measures are also on deck:

• H.R. 5783 – the Cooperate with Law Enforcement Agencies and Watch Act would provide a safe harbor for financial institutions that maintain a customer account at the request of a federal and state law enforcement agency.
• H.R. 435 – the Credit Access and Inclusion Act would clarify federal law related to reporting certain positive consumer credit information to consumer reporting agencies.
• H.R. 4294 – the Prevention of Private Information Dissemination Act would impose a criminal penalty for unauthorized disclosures of certain individually identifiable information by officers or employees of a federal department or agency.
• H.R. 6069 – the FIND Trafficking Act would require the U.S. comptroller general to conduct a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking.

Foreign Investment Risk Review Modernization Act (H.R. 5841). The House will take up FIRRMA under suspension of the rules. The bill would overhaul operations at the Committee on Foreign Investment in the United States (CFIUS) and reform current U.S. export controls. The House bill contains a few provisions that are not included in the Senate version of the measure. For example, the bill includes language that would empower CFIUS to report any foreign investments in the U.S. entertainment industry that may result in censorship. CFIUS would also have the power to suspend certain pending transactions — those that may result in foreign ownership of a U.S. company — until a final determination is made.

Immigration Part II. The House is expected to take up consideration of the Border Security and Immigration Reform Act (H.R. 6136) — the “compromise” immigration bill that would, among other things, offer DACA recipients a pathway to citizenship.

Defense Reauthorization. Lawmakers will consider a motion to go to conference on the FY 2019 defense reauthorization bill (H.R. 5515).

Senate

FY 2019 Appropriations. The Senate is expected to resume consideration of H.R. 5895, the “minibus” spending package that would cover Energy-Water, Legislative Branch, and Milcon-VA funding for fiscal year 2019. A final vote on the package is scheduled for 5:30 p.m. today.

Farm Bill. The chamber will also take its first procedural vote to kick off debate on the Senate version of the 2018 farm bill.

Senate Banking Hearings. The Senate Banking Committee will hold hearings on Tuesday and Thursday to discuss legislative proposals related to increasing access to capital and examining corporate governance.

Key Hearings and Meetings

Tuesday, 6/26

• House Financial Services Committee. Subcommittee hearing on “International and Domestic Implications of De-Risking.”
• House Appropriations Committee. Committee markup of FY 2019 Labor-HHS-Education appropriations bill.
• Senate Appropriations Committee. Markup of an original bill making appropriations for the Department of Labor, Department of Health and Human Services, Department of Education, and Related Agencies FY 2019.
• Senate Finance Committee. Hearing on prescription drug affordability and innovation, focusing on addressing challenges in today’s market.
• Senate Banking Committee. Hearing to examine legislative proposals to increase access to capital.

Wednesday, 6/27

• Senate HELP Committee. Hearing to examine how to reduce health care costs, focusing on understanding the cost of health care in America.
• Senate Appropriations Committee. Subcommittee hearing to examine proposed budget estimates and justification for fiscal year 2019 for the Department of State.
• House Financial Services Committee. Hearing on “Oversight of the Department of Housing and Urban Development.” HUD Secretary Ben Carson to testify.

Thursday, 6/28

• Senate Banking Committee. Hearing to examine legislative proposals to examine corporate governance.
• Senate Appropriations Committee. Markup of the FY 2019 Defense spending bill and Labor-HHS-Education spending bill.
• SEC. Opening meeting to consider whether to propose a rule that would permit ETFs that satisfy certain conditions to operate without first obtaining an exemptive order from the commission. The commission will also consider potential amendments to smaller reporting company definition; rules to require the use of the XBRL format for the submission of operating company financial statement information and fund risk/return summary information; potential amendments to Form N-PORT and Form N-1A. More details here.